Comments by policymakers at Cannes G20

Following are comments on Thursday by policymakers attending the Group of 20 Summit in Cannes, France, and other euro zone officials, as Europe considered the possibility of Greece leaving the euro.

FRENCH PRESIDENT NICOLAS SARKOZY

On talks with Obama on a possible global transaction tax: "I think we have a common analysis on how to have the world of finance contribute to resolving today's crisis."

U.S. PRESIDENT BARACK OBAMA

"The most important aspect of our task over the next two days is to resolve the financial crisis here in Europe.

"I agree with President Sarkozy that the EU has made some important steps toward a comprehensive solution, and that would not have happened without Nicolas' leadership.

"But here at the G20 we're going to have to flesh out more of the details about how the plan will be fully and decisively implemented. And we also discussed the situation in Greece and how we can work to resolve that situation as well. The United States will continue to be a partner with the Europeans to resolve these challenges."

WHITE HOUSE DEPUTY NATIONAL SECURITY ADVISER BEN RHODES:

"The IMF still has a substantial amount of resources to deal with a range of challenges in Europe and around the world ... There are no plans for the United States to provide additional resources ... to the IMF ... We can't speak to what other countries may do."

ANDREW MACDOUGALL, CHIEF SPOKESMAN FOR CANADIAN PRIME

MINISTER STEPHEN HARPER:

"Canada does not support the tax (on financial transactions). We have an aid program for (the least developed) nations and we do not need another tax. This is not supported by Canada."

BRITISH PRIME MINISTER DAVID CAMERON

"When the world is in crisis, it's right that you consider boosting the IMF.

"No government has ever lost money by lending money to the IMF. What we wouldn't support is the IMF investing directly in some euro bailout fund. That wouldn't be right and we won't back it."

RUSSIAN PRESIDENT DMITRY MEDVEDEV

"Europe should aid itself, the European Union has everything for that today -- the political authority, the financial resources and the backing of many countries.

"Countries with excessive debt burdens should immediately start fiscal consolidation. Countries in the eurozone that are viewed by the markets as safe havens should support demand and thus facilitate the situation for their weaker partners.

"The reward system of shareholders and managers of financial institution should be changed step by step. Otherwise the 'Occupy Wall street' slogan will become fashionable in all developed countries. And thus instead of dealing with economic growth, everyone will be busy with what has been created."

"I think the long-anticipated entry of Russia into the WTO would be a good contribution to our common cause. It is fruitful to both us and our partners."

SOUTH AFRICAN FINANCE MINISTER PRAVIN GORDHAN

Asked whether South Africa and other BRICS nations will take exposure to the euro zone crisis only after issue has been sorted out: "Yes, that's the idea."

TURKISH PRIME MINISTER TAYYIP ERDOGAN

"I welcome decisions taken by EU leaders taken at the recent summit but it is very important to implement them as soon as possible to remove the risks we are faced with.

"We still have serious risks and challenges we need to overcome for the future of the global economy, especially in Europe but also elsewhere with high public debt, unemployment and global imbalances. It is important all G20 countries cooperate even more than before.

"The greatest vulnerability threatening the economy is the sustainability of public debt in developed economies.

"It is very important developed countries have concrete and well planned financial policies and that they are implemented. We have seen the importance of that in context of Europe because there have been inconsistent statements made to the public and some of the budgets did not reflect the realities."

JAPANESE PRIME MINISTER YOSHIHIKO NODA

"I expect Europe to steadily implement measures agreed at the European Union summit meeting in order to help stabilize financial systems in Europe."

CHINESE PRESIDENT HU JINTAO

After BRICS meeting: "We have exchanged views on the global economic situation at the BRICS leaders meeting, we discussed the European debt crisis. Now we could exchange opinions on bilateral issues."

On euro zone crisis package: "The existing plan ... demonstrates the EU's determination to solve the European debt problem and we hope that the implementation of the plan will address current difficulties in Europe and boost European economic development.

"Europe is the world's largest economy, and there won't be global economic recovery without European economic recovery.

"We hope Europe will be fine."

KREMLIN ECONOMIC AIDE ARKADY DVORKOVICH

After talks between BRICS countries: "BRICS leaders agreed to maintain close contacts between finance ministers and sherpas to work out a common position of BRICS member states on the eurozone.

"BRICS leaders agreed to carry out regular consultations in IMF and other formats, the proposition was backed by all BRICS leaders."

GREEK FINANCE MINISTER EVANGELOS VENIZELOS

In a statement in Athens, after returning from Cannes: "Greece's position within the euro area is a historic conquest of the country that cannot be put in doubt. This achievement by the Greek people cannot depend on a referendum."

"If we want to protect the country we must, under conditions of national unity and political seriousness and consensus, implement without any delay the decision of October 26... , as soon as possible."

EURO GROUP PRESIDENT JEAN-CLAUDE JUNCKER

On the prospect of a Greek exit from euro zone, to Germany's ZDF television: "We are working on the subject of how to ensure there is not a disaster for the people in Germany, Luxembourg, the euro zone. We are absolutely prepared for the situation. We are absolutely prepared for the situation which I describe and which I want to be avoided.

"Everything must be done to try to make sure one member of the 17-member group does not fade away but if this were the wish of the Greeks -- and I think that would be wrong -- then we cannot force the Greeks toward their fortune.

"This is not my favored scenario. I would like Greece to stay on board but Greece must fulfill its obligations."

FRANCE'S EUROPE MINISTER JEAN LEONETTI

To RTL radio: "Greece is something we can get over, something we can live without."

(Reporting by Laura MacInnis, Alister Bull, Tetsushi Kajimoto, Gui Qing Koh, Luke Baker, Alexei Anishchuk and Catherine Bremer; Editing by Ruth Pitchford)

Journalist Arrested in News Corp. Phone Hacking Scandal: Reuters

A journalist at the British tabloid The Sun was arrested Friday in connection with alleged payments to police as part of the investigation into illegal phone hacking by London-based employees of media giant News Corp. (NASDAQ:NWSA), according to a report by Reuters.

News Corp. owns The Sun and is also the parent company of FOX Business.

A spokesman for News International, which runs News Corp.’s British newspapers, confirmed to Reuters that an arrest had been made, adding "the company is cooperating fully with the investigation."

The spokesman couldn’t immediately be reached for comment by FOX Business.

Scotland Yard initially announced the arrest, according to Reuters. Scotland Yard has been investigating whether journalists bribed police officials in an effort to obtain stories on British celebrities and politicians.

News Corp. shut down its weekly tabloid News of the World in July after the phone hacking scandal erupted.

Greek Parliament Leader to Head New Coalition Government

Greek party leaders have agreed on house speaker Filippos Petsalnikos to head the country's new coalition government, barring any last-minute changes, sources from the two major parties said on Wednesday.

"We have agreed on Petsalnikos but things can change between now and when the prime minister sees the president," a source close to the discussions between the ruling Socialists and the conservative opposition New Democracy told Reuters on condition of anonymity.

Outgoing Prime Minister George Papandreou and opposition leader Antonis Samaras had been locked in talks since Sunday on who will lead a new government to take the country to elections in February.

Expected Price Gains in Uranium Mining and Nuclear Energy (CCJ, DNN, URRE, URZ, UEC, URG, USU, GE, SHAW, ARVCF, TOSBF)

The outlook for uranium miners and nuclear power plant builders has dimmed considerably following the disaster at Japan’s Fukushima Daiichi power plant last spring. The Japanese government is considering building non-nuclear plants to replace the ruined reactors, and Germany has begun the process of de-commissioning all its nuclear generation by 2022. The US has not adopted a no-nukes plan yet, but when old plants come up for license renewal or a new plant gets approval to begin construction, it’s not a stretch to think that opposition will appear as if by magic.

The impact on uranium mining companies large and small could be dramatic if more countries follow Germany’s lead and reject nuclear generation completely. Even China has adopted a more ‘slow-go’ approach to nuclear generation. Mining companies include Cameco Corp. (NYSE: CCJ), Denison Mines Corp. (AMEX: DNN), Uranium Resources, Inc. (NASDAQ: URRE), Uranerz Energy Corp. (AMEX: URZ), Uranium Energy Corp. (AMEX: UEC), UR-Energy, Inc. and (AMEX: URG). USEC Inc. (NYSE: USU) processes uranium into a low-enriched form, and General Electric Co. (NYSE: GE) and Shaw Group, Inc. (NYSE: SHAW) are leading builders and servicers of nuclear power plants. France’s Areva (OTC: ARVCY), and Japan’s Toshiba Corp. (OTC: TOSBF) are also among the world’s leading builders of nuclear power plants but are excluded because comparable information for the companies is not available.

One interesting sideshow that could impact all the uranium miners is the current bidding war between Cameco and Rio Tinto plc (NYSE: RIO) for Canadian junior mining company Hathor Exploration Ltd. Hathor is expected to take the Rio Tinto offer, leaving Cameco to shop for other uranium assets, most likely among the small miners we’re looked at here.

All data from Yahoo! Finance and MarketWatch, and current price quotes were gathered just before noon today.

Cameco Corp. (NYSE: CCJ) has a median target price of $31.10 from 8 brokers. Shares are trading today at $20.34, for an implied gain of $10.76, or 53%. Cameco’s forward P/E is 14.97 and the company pays a dividend yield of 1.8%. The stock’s 52-week trading range is $16.68-$44.81, and at today’s price that’s about 22% above its 52-week low and 55% below the 52-week high. Cameco is the world’s largest uranium miner, and falling uranium prices have hit the company hard since prices hit a peak in January of around $72/pound. Uranium now sells for about $52/pound, a drop of -28%, and that drop has been exacerbated by lower demand. Falling demand and price have had even harsher impacts on the smaller uranium miners. At this time, Cameco does not expect the rest of the world to follow the Japanese and German governments’ restrictions on nuclear energy.

Denison Mines Corp. (AMEX: DNN) has a median target price of $2.21 from 7 brokers. Shares are trading today at $1.49, for an implied gain of $0.72, or 48%. Denison’s forward P/E is negative and the company does not pay a dividend. The stock’s 52-week trading range is $0.81-$4.52, and at today’s price that’s about 84% above its 52-week low and 67% below the 52-week high. Denison sold just 167,000 pounds of uranium in the third quarter, compared with 706,000 pounds in the same period a year ago. That cost the company nearly $3 million in revenues, and total revenues were less than half those of a year ago.

Uranium Resources, Inc. (NASDAQ: URRE) has a median target price of $5.00 from a single broker. Shares are trading today at $1.10, for an implied gain of $3.90, or 355%. Uranium Resources’ forward P/E is negative and the company does not pay a dividend. The stock’s 52-week trading range is $0.52-$3.98, and at today’s price that’s about 112% above its 52-week low and 72% below the 52-week high. The company reports earnings on Monday, but even the single broker with a target price can’t be bothered to offer estimated results for the company. The implied gains here are strictly fantasy.

Uranerz Energy Corp. (AMEX: URZ) has a median target price of $5.49 from 3 brokers. Shares are trading today at $2.04, for an implied gain of $3.45, or 169%. Uranerz’s forward P/E is 12.22 and the company does not pay a dividend. The stock’s 52-week trading range is $1.17-$5.93, and at today’s price that’s about 74% above its 52-week low and 66% below the 52-week high. Uranerz, like Uranium Resources, sports a stupendously high implied gain because it is so weak. These two might be prime candidates for the loser in the bidding war over Hathor.

Uranium Energy Corp. (AMEX: UEC) has a median target price of $4.98 from 6 brokers. Shares are trading today at $3.14, for an implied gain of $1.84, or 59%. Uranium Energy’s forward P/E is 2.78 and the company does not pay a dividend. The stock’s 52-week trading range is $2.20-$7.48, and at today’s price that’s about 43% above its 52-week low and 58% below the 52-week high. Uranium Energy just committed to pay about $85,000 in cash and about $940,000 in restricted stock at today’s price for a uranium mining project in Arizona. That sent the share price down slightly, which is probably less than should have happened.

UR-Energy, Inc. and (AMEX: URG) has a median target price of $2.37 from a single broker. Shares are trading today at $1.10, for an implied gain of $1.27, or 115%. UR-Energy’s forward P/E is negative and the company does not pay a dividend. The stock’s 52-week trading range is $0.75-$3.37, and at today’s price that’s about 47% above its 52-week low and 67% below the 52-week high. UR-Energy does not yet produce anything, as its Wyoming mine is still in development. The company has spent a total of about $116 million since 2004, and is looking to begin production in the second quarter of 2013. It’s anyone’s guess what the price of uranium will be then.

USEC Inc. (NYSE: USU) has a median target price of $3.38 from 2 brokers. Shares are trading today at $1.91, for an implied gain of $1.47, or 77%. USEC’s forward P/E is 10.11 and the company does not pay a dividend. The stock’s 52-week trading range is $1.17-$6.35, and at today’s price that’s about 63% above its 52-week low and 70% below the 52-week high. USEC mailed notices to its 450 centrifuge workers in late October informing them that the company may begin laying off workers in the first two weeks of November. When it released third-quarter earnings last week, the company posted a smaller-than-expected EPS loss, but missed revenues by a mile.

General Electric Co. (NYSE: GE) has a median target price of $20.00 from 14 brokers. Shares are trading today at $16.32, for an implied gain of $3.68, or 23%. GE’s forward P/E is 10.39 and the company pays a dividend yield of 3.7%. The stock’s 52-week trading range is $14.02-$21.65, and at today’s price that’s about 16% above its 52-week low and 25% below the 52-week high. GE doesn’t specify exactly what part of its revenues come from nuclear plants, but it maintains partnerships with Japan’s Hitachi and Toshiba for building and servicing nuclear plants around the world.

Shaw Group, Inc. (NYSE: SHAW) has a median target price of $27.00 from 13 brokers. Shares are trading today at $24.21, for an implied gain of $2.79, or 12%. Shaw’s forward P/E is 9.46 and the company does not pay a dividend. The stock’s 52-week trading range is $18.98-$41.62, and at today’s price that’s about 28% above its 52-week low and 42% below the 52-week high. Known primarily as a heavy construction company, Shaw owns a piece of Toshiba’s nuclear operations in both the US and the UK, as well as a 20% stake in Toshiba’s Westinghouse nuclear operations. The company is building four nuclear units in the US and holds a services contract on four more new plants in China. For the fiscal year ended in October, Shaw’s nuclear work helped cover revenue shortfalls in coal plants.

Paul Ausick

MARKET SNAPSHOT: U.S. Stocks Wavers As Worries Shift To Italy

NEW YORK (MarketWatch) -- U.S. stocks on Monday veered between gains and losses as Wall Street trained its European-focused gaze to Italy, where borrowing costs surged to their highest since the country took up the euro.

"From confidence votes in Greece to threats of being kicked from the Union, European drama remains as captivating as any of the 'reality' shows on television," noted Paul Nolte, managing director at Dearborn Partners.

The Dow Jones Industrial Average (DJI) rose 23.88 points to 12,007.12, with 21 of its 30 components gaining ground.

The S&P 500 Index (SPX) add 1.4 points to 1,254.63, with telecom companies up the most and industrials falling hardest among its 10 industry groups.

The Nasdaq Composite Index (RIXF) fell 3.91 points to 2,682.28.

Decliners remained ahead of advancers on the New York Stock Exchange, where 485 million shares traded as of 2:50 p.m. Eastern.

"With Italy's benchmark yields rising, speculation began to mount that Prime Minister Berlusconi would resign in the days ahead. Italian stocks rallied as the rumors intensified, only to reverse when Berlusconi went on the record to tell the world -- on Facebook, no less -- that he wasn't planning on going anywhere," noted Kevin Giddis, a fixed-income strategist at Morgan Keegan & Co.

"With his support fading ahead of a key parliamentary vote [Tuesday], there is still a decent chance that Berlusconi will step down in the near future, but that would only be a first step in a long and painful process toward putting Italy on a firmer economic foundation," Giddis added.

In Greece, Prime Minister George Papandreou on Sunday agreed to step down, clearing the path for a new government.

In Brussels, European finance ministers planned to meet Monday to work on the details of a strategy for hiking the region's rescue fund.

Amgen Inc.'s (AMGN) shares jumped 5.3% after the biotech-drug developer said it would repurchase up to $5 billion of its stock and Dish Network Corp. (DISH) shares gained 4.7% after the satellite-television provider said it would pay a $2 a share dividend.

Copyright © 2011 Dow Jones Newswires

Xstrata Chile Lomas Bayas Copper Workers Reach Contract Deal

SANTIAGO -(Dow Jones)- Workers at Chilean copper mine Lomas Bayas, owned by diversified global miner Xstrata PLC (XTA.LN), signed a contract agreement which went into effect on Tuesday, the company said Friday.

The agreement, which was negotiated ahead of the legally-mandated schedule, was reached with 555 workers, averting the possibility of a strike.

Of the workers, 458 were members of a union whose contract was due to expire in April and the other 97 workers weren't unionized and had contracts expiring in December. They represent 54% of the mine's total workforce.

Last year, Lomas Bayas produced 71,800 metric tons of copper in the form of cathodes, or large sheets of 99.99% pure copper. Xstrata is evaluating a $1.6 billion investment to increase annual output to 140,000 tons.

Copyright © 2011 Dow Jones Newswires

British American Tobacco Buys Back 50,000 Shares

LONDON -(Dow Jones)- British American Tobacco PLC (BATS.LN) Friday said it purchased 50,000 of its ordinary shares on Nov. 4.

MAIN FACTS:

-Average price was 2,912.0427 pence per share.

-Highest price paid was 2,933.5 pence per share and the lowest price paid was 2,888.5 pence per share.

-Company intends to hold these shares in Treasury.

-Shares on Friday closed at GBP29.21.

Copyright © 2011 Dow Jones Newswires

Week Ahead: Step Aside, Greece?

Reuters

Investors’ attention may shift away next week from the drama in Greece toward Italy, which has sizable debt woes of its own and has sought help from the International Monetary Fund to put in place austerity measures.

Italy, with a much larger economy than Greece, has emerged as possibly the next domino in the ongoing European debt crisis.

Plenty of earnings reports from U.S. companies are due next week as well. A handful of big retailers lead the pack, including Macy's (M) and Ralph Lauren Corp. (RL) on Wednesday, and Kohl's (KSS) and Nordstrom (JWN) on Thursday.

Retailers have struggled during the recession and its aftermath as consumers have closed their pocketbooks to all but the most necessary items. The upcoming holiday season will be a big test of consumers’ willingness to part with cash.

Also due next week are earnings from tech giant Cisco Systems (CSCO), car maker General Motors (GM), and media conglomerate Walt Disney Co. (DIS).

On the economic front, in what’s shaping up as a relatively slow week, a consumer sentiment index will likely shed the most light on the state of the economy. The Thomson-Reuters University of Michigan index of consumer sentiment for early November is due Friday and it’s not expected to move much from October.

For months consumer sentiment has been trending lower toward levels not seen since the worst of the financial crisis in 2008 and 2009. Political gridlock, stagnant incomes, plunging home values and rising food prices have all made for a sour mood.

Also due next week is data on the September trade balance and the October import and export price indexes, both due Thursday.

A report on consumer credit is due Monday and the trend has been that credit is on the rise. Many tapped out consumers have been turning to credit cards to cover their monthly living expenses.

Service sector growth slows, factory orders up

U.S. service sector activity growth eased in October to its slowest level in three months, but new orders for good from factories unexpectedly rose, suggesting economic growth remains patchy.

In other U.S. data reported on Thursday, new claims for unemployment benefits fell below 400,000 last week for the first time in five weeks, suggesting a modest improvement in the labor market, but chain store retailers reported disappointing October sales.

"Based on the ISM manufacturing and services data, the economy is still crawling at a pace that is so anemic," said Bernard Baumohl, chief global economist, at The Economic Outlook Group LLC, in Princeton, New Jersey.

"For most Americans, it makes no difference whether the economy is stuck at this pace or we are in recession. This is very lackluster growth that will not lead to a pick-up in hiring.

US SERVICE SECTOR GROWTH SLIPS

The U.S. Institute for Supply Management said its services index eased to 52.9 last month from 53.0 the month before. The reading fell shy of economists' forecasts for 53.5, according to a Reuters survey, and was the lowest level since July.

A reading above 50 indicates expansion in the sector. A gauge of new orders fell to 52.4 from 56.5, but the employment component improved to its highest level since June at 53.3 from 48.7.

New orders for U.S. factory goods unexpectedly rose in September and capital spending plans by businesses surged, according to a government report on Thursday that showed underlying strength in manufacturing.

The Commerce Department said orders for manufactured goods increased 0.3 percent after a revised 0.1 percent gain in August, previously reported as a 0.2 percent fall. Economists had expected orders to slip 0.1 percent.

Orders excluding transportation rose 1.3 percent in September after edging down 0.1 percent the prior month.

Orders for non-defense capital goods excluding aircraft -- seen as a measure of business confidence and spending plans - jumped 2.9 percent in September after advancing 0.9 percent the prior month. The increase in this category was the largest in six months.

New U.S. claims for unemployment benefits fell below 400,000 last week for the first time in five weeks, suggesting a modest improvement in the still-moribund labor market, but retailers reported disappointing October sales.

Initial claims for state unemployment benefits dropped by 9,000 in the week ending October 29 to a seasonally adjusted 397,000, the Labor Department said on Thursday.

"The labor market continues to stabilize in terms of the amount of people losing their jobs but ... the pace of adding new ones still remains underwhelming," said Peter Boockvar, an equity strategist at Miller Tabak and Co. in New York.

The level of weekly claims remains well above pre-recession levels and has dipped below 400,000 only on brief occasions this year, suggesting no fast turnaround is imminent for the jobs market.

The claims data will not impact Friday's report on payroll levels during October, which are expected to show employers added 95,000 new jobs during the month. That is not considered a fast enough pace over time to bring down the unemployment rate much, if at all.

The four-week moving average of claims, considered a better measure of labor market trends, fell 2,000 to 404,500.

In a separate report, the Labor Department said U.S. nonfarm productivity increased during the third quarter while growth in wages and benefits slowed sharply, showing that some inflation pressures were easing even as the economy picked up pace.

Productivity rose at a 3.1 percent annual rate, the biggest increase since the first quarter of 2010. Unit labor costs fell 2.4 percent, a much bigger decline than the 0.8 percent rate forecast by analysts.

He said that could help the U.S. Federal Reserve build a case to do more to help the economy.

Compensation per hour rose 0.6 percent during the period, down from growth of 2.7 percent during the previous quarter and 5.6 percent in the first three months of the year.

Productivity, which measures hourly output per worker, had fallen during the first two quarters of this year.

Economists had expected the government's report would show productivity increased at a 2.8 percent rate. The rebound in productivity was in a line with the return to stronger economic growth during the third quarter following a sharp slowdown early in the year.

US CHAIN STORES REPORT WEAK OCT SALES

Many top U.S. store chains reported disappointing October sales on Thursday.

Major retailers ranging from Macy's Inc and Saks Inc to those catering to more frugal shoppers like Target Corp and J.C. Penney Co Inc all reported lower-than-expected sales at stores open at least a year.

Overall, 23 major U.S.-based retailers that report monthly results were expected to post a composite same-store sales gain of 4.5 percent, according to Thomson Reuters data.

(Reporting by Jason Lange, Leah Schnurr)

Wall St. on edge over Greece but Bernanke soothes

By Edward Krudy

Stocks rebounded from two days of sharp losses on Wednesday after the Federal Reserve said it is prepared to do more for the economy if conditions warrant, helping to stanch the panicky reaction to Europe's debt crisis.

Trading volume was light, however, possibly signaling that worries about Greece hold greater sway than the Fed at this time. Investors sold heavily this week after Greece said it would hold a referendum on an EU bailout crucial to stabilizing the euro zone's financial system.

Federal Reserve Chairman Ben Bernanke said the central bank was closely monitoring developments in Europe and left open the possibility that the Fed could expand its holdings of mortgage debt if U.S. economic conditions worsened.

"Bernanke was clear that they were prepared to do more, that they have the tools to do more," said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York. "We remain in a very volatile situation."

The energy and financial sectors were among the strongest performers on Wednesday after having led the market lower in the previous two sessions.

Some 7.4 billion shares were traded on the NYSE, the Amex and Nasdaq, which was more than 10 percent below the 20-day moving average and well below Tuesday's high volume selloff when over 10 billion shares changed hands.

"There's no volume, which means there's no conviction in the move; the market remains 100 percent "macro" driven, and any news out of Europe could still shift markets," said Eric Lichtenstein, managing director at Knight Capital in Jersey City, New Jersey,

The Dow Jones industrial average rose 178.08 points, or 1.53 percent, at 11,836.04. The Standard & Poor's 500 Index gained 19.62 points, or 1.61 percent, at 1,237.90. The Nasdaq Composite Index added 33.02 points, or 1.27 percent, at 2,639.98.

Also helping Wednesday's market gains, data showed U.S. private employers added more jobs than expected last month, continuing a recent pattern of better-than-expected economic data.

Conditions in Europe remained a wildcard as sources told Reuters the EU and IMF will not release an 8 billion euro payment to Greece until after the country has held its referendum, which could happen in December.

Among advancing stocks, Citigroup Inc gained 2.3 percent to $29.83 and JPMorgan Chase & Co added 2.8 percent to $33.64. The KBW Bank index climbed 3.3 percent.

MasterCard Inc shares jumped 7 percent to $357.66 after the credit card processor reported its quarterly profit easily beat estimates on double-digit increases in volumes.

(Reporting by Edward Krudy; Additional reporting by Ryan Vlastelica; Editing by Kenneth Barry)

JPMorgan, UBS AG win dismissal in Madoff case

JPMorgan Chase & Co and UBS AG won dismissal of dozens of claims made against the banks by the trustee seeking money for victims of epic swindler Bernard Madoff's fraud.

U.S. District Court Judge Colleen McMahon in New York sided with another judge's opinion earlier this year in trustee Irving Picard's common law claims against HSBC Holdings PLC and several affiliates for lack of standing.

"I am persuaded as well," McMahon wrote in an opinion dated October 31 and released on Tuesday. She sent what remains of the cases back to U.S. Bankruptcy Court for further proceedings.

Banks have taken the offensive after U.S. District Judge Jed Rakoff in Manhattan, in a case against HSBC Holdings Plc and others in July said Picard exceeded his power in suing third parties on behalf of former customers of Bernard L. Madoff Investment Securities LLC.

The cases are Irving H. Picard v. JPMorgan Chase & Co and Picard v. UBS AG in U.S. District Court for the Southern District of New York, No. 11-913 and No. 11-4212.

(Reporting by Grant McCool; Editing by Tim Dobbyn)